Gigamedia Reports Progress

GIGAMEDIA REPORTS PROGRESS

23rd July, 2013 at 05:37:28
Source: http://www.azonlinecasinos.com

Second quarter yields better than expected revenues and net income

Taiwanese firm GigaMedia has reported progress in its second quarter preliminary results attributed to a better than expected performance from its online games business, record-low operating expenses and the disposal of a non-strategic investment.

According to chief executive officer Collin Hwang :

- Revenues of approximately $3.7 million with a strong performance by A.V.A., a game licenced from Neowiz, partially offsetting a traditional seasonal revenue decrease.

- Record-low headquarter expenses; consolidated operating expenses down 10% Q-o-Q.

- Net income of approximately $84 thousand exceeding forecast which the firm attributes to the performance of its online games business and a non-operating gain of approximately $1.2 million related to the disposal of a non-strategic investment.

- Cash outflow of approximately $5.0 million, which included full payment of GigaMedia's short-term debt of approximately $7.5 million.

- Cash, cash equivalents, and marketable securities-current of approximately $73.0 million, or approximately $1.44 per share; zero debt.

"With leaner operations and more focused and motivated teams, we are on track for a solid second half of 2013," commented Hwang.

"We expect our MMOs to benefit from the traditional seasonal surge in online gaming activity in the third quarter, helping to offset weakness in casual PC-based games, and look forward to extending our platform with new self-developed Web-based/mobile social casino games in the fourth quarter.

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